JPMorgan Chase posted 26.5 million active mobile customers, up 14-16% on a year-over-year (YoY) basis. The bank added just 500,000 mobile banking users in the past quarter. For context, in the same period last year, the bank added 1.2 million mobile banking users.

Wells Fargo still managed to add 800,000 mobile customers in the quarter, even after last year’s scandal that led to a slowdown in new accounts. That pushed total mobile users to 19.6 million, up 21% growth YoY. The bank counts an additional 7.8 million online banking users.

Slowing gains in mobile banking users point to the idea that banks need to find better ways to capitalize on their mobile banking user base.

The market is likely approaching saturation. When mobile banking was a new feature, banks offered it as a way to onboard customers and attract tech-savvy users, which led to rapid adoption. Now, it’s all but required — millennials, for example, will leave financial institutions that don’t offer the service. That means that, moving forward, it’s likely that the majority of mobile banking adds are new accounts, since existing users that want the service are already using it.

Banks need to look to a service-based strategy in order to succeed. Since offering mobile banking is no longer enough, banks need to find ways to mobilize these massive user bases in order to increase engagement and loyalty, particularly because attrition is lower among mobile banking users, and they also tend to consume more banking products on average. One way to do that is to build hybrid offerings, which allow consumers to access important in-branch services, like ATMs or appointments, but building digital into that experience through cardless functionality or online booking. That could make interacting with the bank easier, which might push users to do it more regularly, making them more valuable.

Mobile payments are becoming more popular, but they still face some high barriers, such as consumers' continued loyalty to traditional payment methods and fragmented acceptance among merchants. But as loyalty programs are integrated and more consumers rely on their mobile wallets for other features like in-app payments, adoption and usage will surge over the next few years.

BI Intelligence, Business Insider's premium research service, has compiled a detailed report on mobile payments that forecasts the growth of in-store mobile payments in the U.S., analyzes the performance of major mobile wallets like Apple Pay, Android Pay, and Samsung Pay, and addresses the barriers holding mobile payments back as well as the benefits that will propel adoption.

Here are some key takeaways from the report:

In our latest US in-store mobile payments forecast, we find that volume will reach $75 billion this year. We expect volume to pick up significantly by 2020, reaching $503 billion. This reflects a compound annual growth rate (CAGR) of 80% between 2015 and 2020.

Consumer interest is the primary barrier to mobile payments adoption. Surveys indicate that the issue is less the mobile wallet itself and more that people remain loyal to traditional payment methods and show little enthusiasm for picking up new habits.

Integrated loyalty programs and other add-on features will be key to mobile wallets taking off. Consumers are showing interest in wallets with integrated loyalty programs. Other potential add-ons, like in-app, in-browser, and P2P payments, will also start fueling adoption. This strategy has been proved successful in China with platforms like WeChat and Alipay.

In full, the report:

Forecasts the growth of US in-store mobile payments volume and users through 2020.

Reviews the performance of major mobile wallets like Apple Pay and Samsung Pay.

Addresses the key barriers that are preventing mobile in-store payments from taking off.

Identifies the growth drivers that will ultimately carve a path for mainstream adoption.

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